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Wednesday, February 10, 2021

EURUSD: The price BROKE its FALLING WEDGE Pattern

EURUSD: The price BROKE its FALLING WEDGE Pattern

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🟒Forex Pair:
EUR/USD

Technical Analysis:
Since the 6th of January 2021, the price has been moving following an interesting falling wedge pattern.
On the 4th of February 2021, the price reached its dynamic trendline, getting a strong bullish rejection that moved it up with a clear uptrend (see the first three strong upbars during the rejection).
That strong impulse gave to the price strength enough to break through the S/R zone at about 1.20700 and its dynamic resistance line.
The price has currently reached the S/R zone at about 1.21500 and it is re-testing the same level.


πŸ”΄Conclusion:
Consindering the strong impulse that the price got on the 5th of February and an interesting pin bar in the daily time frame just on the current level, I'd be confident to see a trend correction until the level at about 1.20700, and eventually it will pullback on its previous chart pattern, then I'll plan my long position on this trade.

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Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni



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